PMI Gold Corporation Completes Equity Financing; Overallotment Option Exercised in Full

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA AND AUSTRALIA ONLY AND
IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


PMI Gold Corporation (TSX VENTURE:PMV)(ASX:PVM)(FRANKFURT:PN3NF) (the "Company")
is pleased to announce that it has completed its previously announced public
offering ("Offering") of common shares ("Common Shares"). In addition,
concurrently with completion, the underwriters exercised in full the
over-allotment option to purchase more Common Shares that was previously granted
to them. As a result, the total number of new Common Shares issued was
136,907,500, resulting in total gross proceeds to the Company of C$115,002,300.


The Offering was led by Clarus Securities Inc. and RBC Capital Markets as joint
bookrunners and co-lead underwriters, and included Canaccord Genuity Corp.,
Euroz Securities Limited, GMP Securities L.P. and Raymond James Ltd. 


The Company plans to use the net proceeds of the Offering to fund the
development of the Company's Obotan Gold Project in accordance with its
feasibility study, for Ghana exploration activities and for general and
administrative expenses.


The securities referred to in this news release have not, nor will they be,
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not constitute an
offer for sale of securities nor a solicitation for offers to buy any
securities.


Collin Ellison

On behalf of the Board, 

Managing Director & CEO

FOR FURTHER INFORMATION PLEASE CONTACT: 
Investor Relations Canada:
Fig House Communications
Rebecca Greco
[phone]
[e-mail]


Investor Relations Australia:
Read Corporate
Nicholas Read/Paul Armstrong
[phone] or M. [phone]


PMI Gold Corporation - Canada
Marion McGrath
Corporate Secretary
[phone] or Toll-Free: 1 [phone]


PMI Gold Corporation - Australia
Collin Ellison
Managing Director & CEO
[phone]
www.pmigoldcorp.com